What is IDEX (IDEX)?

What is Idex (IDEX)?

Idex is a decentralized exchange that combines an order book model with an automated market maker. By doing so, it can offer users the performance and features of a traditional order book model while maintaining the security and liquidity of an AMM. One unique aspect of Idex is that it uses an off-XCNUSDT">chain trading engine and on-chain trade settlement to create a more efficient trading experience. This approach eliminates failed trades and wasted gas fees, and front-running and sandwich attacks are not possible. This allows for more advanced order types and trading strategies. Currently, Idex runs on Ethereum and Binance Smart Chain, but it has plans to launch on second-layer solutions, Polkadot, and other blockchains in the future. Additionally, Idex plans to implement leverage trading and a referral program.

Who are the Founders of Idex (IDEX)?

The creators of Idex are CEO Alex Wearn and COO Phil Wearn, who bring a wealth of experience to the table. Alex Wearn has worked for prestigious companies such as Amazon, IBM, and Adobe and has an MBA from Kellogg School of Management. Phil Wearn has a background in accounting and astronautical engineering, as well as entrepreneurial experience. The team is rounded out by CTO Brian Yennie, a software engineer with over two decades of experience. The current Idex team consists of 29 individuals, according to their LinkedIn page. The exchange was launched in 2017, and its 2.0 version was released in the fall of 2020 after securing $2.5 million in seed funding from investors like G1 Ventures, Borderless Capital, Collider Ventures, and Gnosis.

What makes Idex Unique?

Idex has a unique approach to trading, using a combination of an order book model and an automated market maker. Its off-chain trading engine ensures the sequencing and performance of centralized exchanges, while trades are processed in an off-chain order book. This means users don't have to pay additional network costs for placing and canceling orders, and placements are processed in real-time, enabling more advanced trading and market-making strategies. The automated market maker guarantees liquidity by displaying virtual limit orders in the order book, and Idex uses smart contracts to decentralize fund custody and trade settlement. Trades are sequenced and settled on-chain with a delay, and users maintain custody and can make markets without additional infrastructure.

How is the Idex Network Secured?

Idex is an ERC-20 token on Ethereum, a popular blockchain that many decentralized applications and exchanges launch on. The DEX has undergone an audit by Quantstamp, a trusted name in blockchain security with experience working on projects such as Maker, Compound, and Avalanche. Idex has met high security standards and has not experienced any issues with cyber attacks so far. Ethereum is secured by a proof-of-stake consensus mechanism that requires validators to stake a certain amount of cryptocurrency to validate the network. Decentralized nodes validate transactions and ensure the security of the Ethereum blockchain.